Saving money should be a priority for Americans, no matter what age or financial state they’re in. The volatility of the stock market, inflation and other money-sucking elements of everyday life are only a few reasons why various savings accounts should be at the forefront of minds.
While income is a direct factor in how much an individual can contribute financially to their future, various states across the country provide a greater ability to save than others.
At the end of 2023, the states with the highest housing costs include Hawaii, Massachusetts, California, New York, Alaska, Maryland, Vermont, Oregon, Washington and New Jersey, according to GoBankingRates.com.
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In order to comfortably purchase a home or reside in any of these 10 states, individuals, or households, must sustain a salary of over $100,000 per year.
The average U.S. annual salary in Q4 of 2023, though, was $59,384, according to the U.S. Bureau of Labor.
According to Zippia’s site of early 2023 data, “18% of individual Americans make over $100k per year.”
“34.4% of US households make over $100k per year,” it also stated.
So, the probability of both living comfortably and saving money in any of the above states is not likely for the average American. However, while the most visited and most populated states in the U.S. come with a hefty price tag, other parts of the country are easily livable.
In Mississippi, The Magnolia State, Americans need to earn $45,906 to make a living wage, according to GoBankingRate.com
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Oklahoma, Alabama, Arkansas and Kansas are all extremely livable states for those making under $47,700 per year. From there, Kentucky, West Virginia, Missouri, Iowa and Georgia also require a reasonable amount of money to make a living wage.
States with a necessary household income of at least $59,384 to make a living wage include Mississippi, Oklahoma, Alabama, Arkansas, Kentucky, Kansas, West Virginia, Missouri, Iowa, Tennessee, Nebraska, Georgia, Illinois, Wyoming, Indiana, Michigan, Louisiana, Ohio, Texas, New Mexico, Minnesota, South Dakota, South Carolina, North Dakota, Wisconsin, North Carolina, Pennsylvania, Utah, Delaware, Montana, Florida, Virginia, Nevada, Idaho and Colorado.
Various jobs across countless industries include earnings at or under $60,000 per year. Some of these roles where a college degree is essential include special education, elementary school, middle school and high school teachers, social workers, therapists, public relations specialists, registered nurses and more.
Professional roles that do not require a college education and pay at least $60,000 per year include web developer, electrical foreman, insurance agent, makeup artist, sales representative, physical therapist assistant, dental hygienist, radiation therapist, real estate agent and more.
Each of the positions listed above would support a comfortable lifestyle in the low cost-of-living states.
However, if your goal is to live in a state with a higher cost-of-living, you will likely want to hunt down a professional position with greater financial opportunities, like a doctor, lawyer, dentist, marketing manager, anesthesiologist, sales executive, nurse practitioner, financial consultant, medical sales representative, pilot, architect and more.
The average physician’s salary in the U.S. is $188,990 per year, according to Indeed. A physician living within, or even under, their means in Mississippi is likely pocketing a great deal of money. Though a doctor in Hawaii with the same salary is living higher on the hog, he or she is unable to accumulate savings funds as quickly.